SINGAPORE- Middle East crude benchmarks Oman and Dubai edged up on Monday, while market participants awaited the release of fresh monthly official selling prices.
India's MRPL bought 650,000 barrels of U.S. WTI Midland crude via its tender closed last Thursday, likely for Aug. 1-10 delivery.
ASIA-PACIFIC CRUDE:
Indonesia has set the official Indonesia Crude Price (ICP) for Minas crude oil at $66.25 a barrel for May, up $3.58 from the previous month, a pricing document showed.
NEWS
China's crude oil imports fell 14.6% in May from a high base a year earlier, with daily arrivals hitting the lowest level this year, as maintenance at refineries limited consumption of the resource.
A recovery in the price of oil to more than two-year highs is offering a long-awaited opening to companies and private equity firms to shed unloved assets in the U.S. oil patch. urn:newsml:reuters.com:*:nL5N2NE7DP
Igor Sechin, the head of Russian oil major Rosneft, said on Saturday the world was facing an acute oil shortage in the long-term due to underinvestment amid a drive for alternative energy, while demand for oil continued to rise.
Hedge funds focused on commodities have generated strong returns in 2021 and investors long wary of such funds are now putting money into them, betting the recovery from the pandemic will charge demand for oil, gas and raw materials from metals to grains to sugar and coffee. urn:newsml:reuters.com:*:nL5N2NJ4LH
(Reporting By Shu Zhang; Editing by Subhranshu Sahu) ((shu.zhang@thomsonreuters.com; +65-6870-3549; Reuters Messaging: Twitter @shuzhang4))
